{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{4}{c}}
\toprule
 &\multicolumn{4}{c}{Dependent variable: $X_{ni}/X_n$} \\\cmidrule(lr){2-5} &\multicolumn{1}{c}{Using $z_{ni}^{(1)}$}&\multicolumn{1}{c}{Using $z_{ni}^{(2)}$}&\multicolumn{1}{c}{Using $z_{ni}^{(1)}$}&\multicolumn{1}{c}{Using $z_{ni}^{(2)}$}\\\cmidrule(lr){2-2}\cmidrule(lr){3-3}\cmidrule(lr){4-4}\cmidrule(lr){5-5} &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)} \\ \midrule
$\mathbf{1}\left(\delta^c \in \text{2nd Quintile }\right)\times z_{ni}$&      0.0076         &      0.0017         &                     &                     \\
                    &     (0.010)         &    (0.0081)         &                     &                     \\
\addlinespace
$\mathbf{1}\left(\delta^c \in \text{3rd Quintile }\right)\times z_{ni}$&     -0.0070         &      -0.010         &                     &                     \\
                    &    (0.0087)         &    (0.0071)         &                     &                     \\
\addlinespace
$\mathbf{1}\left(\delta^c \in \text{4th Quintile }\right)\times z_{ni}$&     -0.0074         &      -0.011         &                     &                     \\
                    &     (0.011)         &    (0.0083)         &                     &                     \\
\addlinespace
$\mathbf{1}\left(\delta^c \in \text{5th Quintile }\right)\times z_{ni}$&      -0.024\sym{*}  &      -0.024\sym{**} &                     &                     \\
                    &     (0.010)         &    (0.0082)         &                     &                     \\
\addlinespace
$\mathbf{1}\left(z_{ni}\in \text{3rd Quintile }\right)\times \delta^c$&                     &                     &     -0.0042         &     -0.0018         \\
                    &                     &                     &    (0.0032)         &    (0.0037)         \\
\addlinespace
$\mathbf{1}\left(z_{ni}\in \text{4th Quintile }\right)\times \delta^c$&                     &                     &     -0.0058         &     -0.0033         \\
                    &                     &                     &    (0.0061)         &    (0.0059)         \\
\addlinespace
$\mathbf{1}\left(z_{ni}\in \text{5th Quintile }\right)\times \delta^c$&                     &                     &      -0.029\sym{**} &      -0.028\sym{**} \\
                    &                     &                     &     (0.011)         &    (0.0096)         \\
\midrule
Upstream $\times$ Downstream FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Upstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Downstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
\midrule$R^2$       &       0.537         &       0.537         &       0.537         &       0.537         \\
Observations        &      133525         &      133525         &      133525         &      133525         \\
\bottomrule
\end{tabular}
}
